The market is estimated to be progressing at a CAGR of 5.79%, as per the latest Technavio market research report. North America is estimated to account for 28% of the market’s overall growth.
The regional growth can be attributed to the increasing demand for candles during festive seasons and holidays. Furthermore, the demand for candles with natural essential oils will also fuel the market’s growth. Rise in awareness about the ingredients used to make candles, the use of environment-friendly containers and the packaging of candles are other factors that play a major role in driving the demand for candles in North America.
Evolving Lifestyles Drive Candle Market
The growing home decor market positively impacts the candle market. A significant upsurge in the demand for home decor merchandise is due to the increasing prosperity in major global economies and evolving lifestyles.
Innovative products such as aromatherapy diffusers, plug-ins and personalized candles have captured the attention of retailers and the millennial demographic. Due to its strong affinity for luxury goods and a preference for high-convenience brands, internet savvy millennials are expected to account for over 70% of the global workforce by 2025, fueling the demand for home decor products, including candles.
Growing Use of Wooden Wicks
An emerging trend in the global candle market is the increasing adoption of wooden wicks. Wooden wicks are small strips or tubes of wood specifically designed for candle-wicking purposes. Such wicks can be produced using various types of wood and come in different widths to match the candles they are used with.
Wood wicks are not only sustainable and environmentally friendly, but they are also free of toxins and phthalates. The growing use of wooden wicks is expected to fuel market growth in the forecast period.
Key Candle Market Players
The candle market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Key market players include: Armadilla Wax Works Inc., Bath and Body Works Direct Inc., Bolsius International BV, Colonial Candle, Dandong Everlight Candle Industry Co. Ltd., Desirepath Mississippi, LLC, Diannes Custom Candles, Diptyque Distribution LLC, Empire Candle Co. LLC, Lalique Group SA, NEST Fragrances, Newell Brands Inc., Portmeirion Group Plc., Reckitt Benckiser Group PLC, Stonewall Kitchen LLC, The Bridgewater Candle Co., The Estée Lauder Co. Inc., The White Company, The Yankee Candle Co. Inc., and Universal Candle Co. Ltd.
Further Reading
Source: happi.com